Road Builder (M) Holdings Bhd (RBH)’s corporate credit rating of A+ reflects the group’s strong operating characteristics and favourable competitive position in the construction business, the positive track record of its property and tolling divisions and satisfactory profitability measures and debt leverage. Credit quality is, however, moderated by the inherent cyclicality of the constructi...

Malaysian Rating Corporation Berhad (MARC) has lowered the long-term rating of Faber Group Berhad’s (Faber) RM1,561,652,149 nominal value of zero coupon redeemable convertible bonds to BB- (double B minus) from BB (double B flat) previously. The downgrade reflects the negative outlook for the tourism industry following slumping travel demand post September 11. This is expected to further weake...

MARC re-affirmed its AAA(bg) rating on Sinmah’s RM50 million redeemable bond issue due 2002, guaranteed by Cooperatieve Centrale Raifesen-Boereenleenbank B.A. of Nederlands (Rabobank). The rating reflects the strength of the unconditional and irrevocable guarantee provided by Rabobank, which has a rating of ‘AAA’ from Fitch. Meanwhile on the underlying rating of the issue, Sinmah’s financi...

MARC has lowered its rating on Malaysian Newsprint Industries Sdn Bhd’s (MNI) RM923 million Bai’ Bi Al-Taqsit Fixed Rate Serial Bonds Programme from A-(s)ID to BBB+(s)ID. The rating action reflects the impact of the decline in newsprint prices on the company’s financials. Global newsprint prices have fallen to a new historical low due to the economic slowdown and oversupply problem in North ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM800 million 1-month (discount) Notes issued on 14 March, 2002. The 1-month Notes carry an average discount rate of 2.707% p.a. The Notes are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial ...

The rating of MARC-1 has been reaffirmed, reflecting Kertih Terminals Sdn Bhd’s (KTSB) better-than-projected financial position, stable and predictable cash flows generated by take-or-pay contracts for terminal usage, financially strong and experienced project sponsors and the highly qualified senior management team.KTSB was incorporated to undertake the construction and operation of a Centrali...

MARC has received the confirmation from the Facility Agent that MPSB’s MuNIF Notes have been bought back in full by MPSB and cancelled accordingly. Hence, MARC no longer has any rating obligation on MPSB’s MuNIF Facility and the MARC 2-ID rating is hereby withdrawn. ...

Malaysian Rating Corporation Berhad (MARC) has assigned a short-term rating of MARC-1 to Cagamas Berhad’s RM350 million 1-year (discount) Notes issued on 28 February, 2002. The 1-year Notes carry an average discount rate of 2.774% p.a. The Notes are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial...

Malaysian Rating Corporation Berhad (MARC) has assigned a long-term rating of AAA to the RM50 million 7-year Sanadat Mudharabah Cagamas (SMC), issued on 26 February 2002. The 7-year SMC carry an average yield of 4.48% p.a.. The SMC are issued to fund the purchase of mortgage loans from financial institutions, corporations and the Government, in addition to purchases of industrial property loans ...

Malaysian Rating Corporation Berhad (MARC) has upgraded the long-term rating of Hong Leong Credit Berhad’s (HLC) RM500 million redeemable unsecured bonds to A- (single A minus) from BBB+ (triple B plus) previously. The rating upgrade reflects the reasonably high conversion rate of the company’s warrants which, coupled with its rights issue completed in August 2001, were instrumental in loweri...